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ECB Says European Financial Integration Dealt Setback by Crisis
April 25, 2012--The European Central Bank said the sovereign debt crisis has caused a "marked deterioration" in financial integration in the euro area and urged governments to strengthen policy frameworks.
“During 2011, the intensification of the sovereign bond crisis strongly affected the euro-area financial system” and “the integration of markets has deteriorated further,” the ECB said in its annual report on financial integration in Europe published in Frankfurt today. “The indicators of money-market integration presented in this report suggest that, at shorter maturities, the integration gains achieved in early 2011 were reversed.”
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Source: Bloomberg
Financial transaction tax: a wider and stronger net is possible
April 25, 2012--The proposed financial transaction tax should be better designed to capture more traders and to make evading it unprofitable, says a resolution adopted on Wednesday by the Economic and Monetary Affairs Committee. The resolution also says the tax should go ahead even if only some Member States opt for it.
Parliament has been calling for a financial transaction tax (FTT), for close to two years and the Commission tabled a legislative proposal for one late in 2011.
Rapporteur Anni Podimata (S&D, EL), said "the committee has been consistent with what Parliament has been pushing for and I now expect Member States to show the same consistency with their declarations. It is time to change the financial services business model, away from high frequency trading to serving the real economy".
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Source: European Parliament
BME upgrades Spanish stock exchange trading platform
April 25, 2012--BME has upgraded the Spanish stock exchange's trading platform (SIBE) successfully, in this way bringing trading in Shares, ETFs, Warrants and other investment products into one single system.
BME's platform multiplies transactional capacity while providing the Spanish stock market with sufficient growth potential to respond to the present and future needs.
The new technological environment, fully developed using BME Group's technology, allows the system to accommodate the future growth in trading volumes and in the number of transactions. It also shows major improvements in terms of the latency of transactions, which has been reduced by over ten times.
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Source: Finextra
Sterling hit as UK back in recession, Fed eyed
Sterling drops after UK GDP data surprises on downside
Pound retreats from 7-1/2 month high vs dollar
April 25, 2012--Sterling retreated from a 7-1/2 month high against the dollar and fell against the euro on Wednesday, after data showed the UK economy had slid back into recession, keeping alive the chances of more monetary stimulus from the Bank of England.
But losses were likely to be limited, with a few sovereign investors buying on dips given a worrying euro zone economic outlook and expectations that U.S. Federal Reserve chief Ben Bernanke will strike a dovish tone when he speaks later.
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Source: Reuters
Vanguard Move May Ignite Euro ETF Price War
April 25, 2012--Vanguard has added three hires to their London-based sales force in preparation to target Europe with a number of ETFs, reports Sophia Baker for Financial News.
The report adds that market watchers are anticipating that Vanguard's move will kick off "an ETF price war in Europe."
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Source: Mutual Fund Wire
DB - Equity Research- Equity Research - Europe-Weekly European ETF Market Monitor
April 24, 2012--The Weekly European ETF Market Monitor includes key statistics on the European ETF market as well as global ETF market highlights..
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/607-E510/24563264/ETF_Research.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
European ETF inflows drop by a third in Q1
April 24, 2012--New inflows into exchange traded funds listed in Europe dropped by almost a third in the first quarter as concerns over tensions in the eurozone prompted investors to withdraw from European equity and sovereign bond ETFs.
New inflows into European ETFs (funds and products) sank to €5.4bn in the first three months of 2012, down 32.6 per cent on the €8bn gathered in the same period a year ago, according to Lyxor Asset Management.
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Source: FT.com
State Street launches two strategies on Deutsche Bank platform
April 24, 2012--State Street Global Advisors has today launched two currency strategies on Deutsche Bank's dbSelect liquid hedge fund platform.
The move enables investors to access the institutional asset managers’ Developed Markets Currency and Emerging Market Currency funds.
State Street Global Advisors (SSgA) has extensive experience in evaluating currency markets and both of the two strategies are based on a propriety quantitative investment process.
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Source: CityWire
Strong demand for bonds of EU bailout fund
April 24, 2012--The EU's bailout fund, the EFSF, said it attracted strong demand on Tuesday in its first auction of seven-year debt, with strong demand from Asia, central banks and sovereign wealth funds.
The bonds were sold at a rate of 2.654 percent, the European Financial Stability Facility said in a statement.
The EFSF borrows money from the markets at low rates and lends it to countries having difficulty in raising their own financing, such as Greece, Ireland and Portugal.
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Source: EUbusiness
EU's Barnier voices concern on U.S. derivatives rules
EU regulation chief warns rules could confuse EU banks
Barnier writes to Washington asking for delay
April 23, 2012--The European Commission has urged regulators in Washington to delay elements of new derivatives regulation, fearing that confusion surrounding some of the rules will harm EU banks operating in the United States.
The U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) finalised rules last week that will determine which firms involved in trading swaps must register with regulators and back up trades with more capital and collateral.
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Source: Reuters
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